View: Why ESG matters in financial services
By Dinanath Dubhashi
The whole of 2019 saw a fierce and intense debate globally around the adoption of environmental, social and governance (ESG) principles as a way of doing business. The year gave the world in general and India, in particular, some compelling reasons to improve their ESG standards. For example, July 2019 was declared to be the hottest month on record for the planet, and a report in April indicated that air pollution alone kills 1.2 million people in India throughout the year.
Underscoring the importance of ESG principles, 181 top global CEOs signed in August a mission statement, declaring that companies exist for all stakeholders, not just shareholders. The message is clear: a responsible corporate house needs to understand the importance of sustainability and ethical impact of its business model.